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2026
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Daiwa's View - Argument for raising ECB’s MRR: Central bank financial issues and implications for Japan
27 July 2026
433 KB
PDF
Calls to raise minimum reserve requirement gaining traction at ECB as financial conditions deteriorate
Regulatory hurdles in Japan and status of BOJ’s earnings
Last week’s JGB market and outlook for this week
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Economic Commentary - Importance of achieving a primary balance surplus is growing
27 July 2026
465 KB
PDF
The primary balance of the central government’s general account is already in surplus on an initial-budget basis
Higher defense spending will raise the hurdle for achieving a primary surplus
Rising interest payments will turn achieving a primary balance surplus from an end goal into an intermediate milestone
A key focus will be the institutional design of bridge JGBs for crisis management and growth investment
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Economic Commentary - Jul BOJ MPM preview: Policy rate likely to remain unchanged, but vigilance against upside inflation risks is unlikely to ease
24 July 2026
500 KB
PDF
July meeting expected to keep policy rate unchanged
Growth forecasts likely to be revised upward, while parts of the inflation outlook are likely to be revised downward
Key focus regarding inflation will be the assessment of upside risks over the long term, rather than the baseline outlook
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Securitized Products Monthly
23 July 2026
2MB
PDF
Japan Housing Finance Agency RMBS performance analysis
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Daiwa’s Economic View - BOJ returning to its baseline scenario (Part 2)
21 July 2026
458 KB
PDF
Robust AI-related demand and private consumption shift the focus to the timing of the next rate hike
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Daiwa’s Economic View - BOJ returning to its baseline scenario
13 July 2026
409 KB
PDF
AI demand is supporting growth and prices, keeping the conditions for further rate hikes in place
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Daiwa's View - “Misunderstanding”?
8 July 2026
730 KB
PDF
Upward revisions to neutral rate expectations
Government’s distrust of the market and optimism about rising yields
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Daiwa’s Economic View - “Summary of Opinions” at June BOJ MPM: Emergence of upside momentum and scope for front-loading the rate hike path
25 June 2026
651 KB
PDF
AI-driven demand shocks are reinforcing inflation persistence
Focus of monetary policy is shifting from interest rate levels to comprehensive assessment of financial conditions
Rate hikes are expected to continue; while the pace is uncertain, front-loading is not ruled out
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